I am not sure if we are in a recession or this is simply the economy we will know for a while, but either way, if you are going to buy a business in the current market, you need to have a different approach to the process from traditional thinking.

The over-used adage of “thinking outside the box” usually is stated by people for no other purpose than to sound like they are up-to-date with their business jargon;

however, the fact is that is precisely what needs to be done in the current environment. It is highly likely that 2011 will closely mirror the previous year in the business for sale sector. Perhaps there will be slight improvements but they will be marginal, and to truly succeed in anything, you need to make quantum leaps and to separate yourself from the competition.

Here are a six critical concepts to consider and strategies to adopt if you are planning to buy a business:

Number 1:

Think about possibly acquiring a business with a partner. With lending still restrictive, one of the only ways for you to get a deal done will be by polling resources with another enterprising individual. Although I have dedicated entire past blog posts to partnership considerations, for now, do just that –consider it as an option. The most important aspect to a partnership is making sure that each party satisfies a need; it can be skills or financial, but the individual partners must deliver something extra that cannot be done independently.

Number 2: Forget what the market is telling you – never mind if you run into roadblocks from sellers, bankers or brokers – get out and meet business owners. Deals never get done via email. You have to get in front of the stakeholders and discuss the possibilities. If certain selling parties want to prohibit your access or restrict information move on to the next one.

Number 3: Similarly, do not get hung up on semantics. You will encounter sellers who may not want to disclose certain sensitive information initially. That is fine, it happens, so work with it. Sometimes, it takes an offer to get to the core details.

Number 4: Whatever a seller may tell you initially does not mean that it is not open for discussion. In fact, after two decades of buying businesses, I know one thing – everything is negotiable!

Number 5:

Nothing beats a motivated seller.

Find out what is at the core of their decision to sell. If it is strictly a hope that someone will come through the door with a boatload of money, tell them to call you when they start breathing oxygen from this planet. But for those business owners who are committed to retiring, or to the sole goal of exiting their business before the end of 2011, that is a committed seller.

Number 6:

A committed buyer is likewise an individual who absolutely, positively wants to own a business, and with that attitude, there is no economy or obstacle that cannot be overcome.

Get creative in your deal making – that is what this entire process is about.

REMEMBER: You can always find a reason not to buy a business and blaming it on the economy is old news.

Never mind the recession – follow my attitude – if there is a recession, do not participate. It is really simple: it is what it is – today’s economic landscape is here to stay for a while. This is not pessimism; it is reality. I see it as an enormous opportunity for the serious business buyer to really stand out from the crowd of naysayers who twelve months from now will still be griping. Let them cling to useless excuses while you take advantage of the marketplace.

Here’s to a phenomenal 2011 – I am going to have one – join me.